2024 Year-End Lake Tahoe Market Report
2024 began with record-breaking highs and reverted to more typical trends in the last part of the year. Overall, sales were up year over year for the entire region. However, the luxury market showed the most impressive sales growth.
Personally, I had an excellent year of sales activity. I was honored to receive the prestigious Recognition of Excellence Award from Sierra Sothebys International Realty. This award acknowledges the top 15 agents for sales activity in the Lake Tahoe region during 2024.
Market Report Lake Tahoe
Sales overall for the region increased 7% year over year. The median sale price showed a modest increase of 2% in 2024. The median price for homes in the Tahoe Sierra area is currently at $1.2 million.
Home values have held steady, even while sales numbers decreased slightly in the 4th quarter. In 2023, the median sale price was $1.18 million.
The luxury market in North Lake Tahoe showed impressive growth in 2024, with 11 sales over $11 million and 53 homes selling for over $4 million. The highlight of sales activity in 2024 was the $62 million sale of the Steve Wynn estate in Incline Village.
Inventory has still been a challenge, and many buyers are hoping that the ski season will encourage more sellers to list their homes for sale, allowing for more choices. We do expect sales activity to pick up again as the 2024/2025 ski season kicks into high gear in February.
Lakefront Market Report
North Shore Lakefront Sales
Lakefront home sales on the North Shore remained relatively stable year over year, with 5 sales in 2024 compared to 6 in 2023. The median sold price for North Shore lakefronts was $7,300,000, with the highest sold price at $19,500,000.
In 2023, the list to sale price was at 105%, but this dropped to 95% in 2024, showing a slightly less competitive market for lakefronts on the North Shore.
The average list price currently for North Shore lakefronts is at $9,560,000. The total sales volume was down 6% year over year, with $49 million in overall sales in 2023 and only $45.5 million in 2024.
West Shore Lakefront Sales
Lakefronts on the West Shore experienced higher sales activity year over year. There were 11 sales in 2024 compared to only 3 in 2023. Additionally, the list to sale price was higher in 2024 at 96% compared to 89% in 2023. This shows that the West Shore market is a bit more competitive.
The total sales volume was $98,919,000 compared to only $21,050,000 in 2023. The median sold price was at $7,300,000 and the average list price is $9,401,727.
Incline Village and Crystal Bay
Incline Village lakefronts showed only slightly higher unit sales in 2024. A total of 4 lakefront units sold in 2024 compared to 3 in 2023. However, the record setting sale of $62 million for the Steve Wynn estate brought the total volume of lakefront sales up a whopping 139% year over year.
The total volume sold in 2023 was $63,873,000 compared to $152,700,000 in 2024.
Contact us today for more information about the luxury and lakefront markets in Lake Tahoe. I am honored to be recognized as one of the top agents in the region and look forward to helping you buy or sell your home at lake tahoe.
